The present disclosure relates to wire transfer methods and systems, and more particularly to methods and systems for automatic verification and/or authorization of a wire transfer.
Wire transfers remain a valuable method for transferring money across distance. Although several transaction models for accomplishing a wire transfer exist, in general all involve an agent receiving funds and wiring instructions from the sender. Although many agents now have access to sophisticated computer systems that allow the agent to initiate the transfer, a need remains for wire transfer agent systems that can initiate a transaction using traditional telephone networks and equipment.
In one system model, a wire transfer remote agency is equipped with a telephone and a facsimile (fax) machine. An agency client uses the telephone to call a central agency, where the client is connected with a customer service representative (CSR). The CSR creates an order and enters the sender's name, the agency's information, the intended recipient's name, and an agreed destination location. The CSR faxes a receipt to the agency from which the client called. Upon receipt of the fax, the agent collects the funds for the wire and delivers a copy of the receipt (or a portion of the receipt) to the client. The receipt may contain an alphanumeric key that will be required for the recipient to receive the funds at the destination location.
To complete the transaction, the agent faxes the remainder of or a copy of the receipt back to the central agency. Upon receipt, the central agency completes the order and authorizes the wire in the system. The agent can also cancel or modify a transaction by writing cancellation/modification instructions on the fax before sending it back, or the agent can call the central agent to cancel the transaction.